According to a survey conducted by the National Association of Realtors, an overwhelming majority (84 percent) of Americans believe that purchasing a home is a good financial decision and key to building long term wealth – the highest since 2007. Over 50 percent of respondents strongly agreed that homeownership helps in the establishment of safe and secure communities.
Still, American's recognize the obstacles standing between them and homeownership. Housing affordability was ranked fourth among the most concerning issues facing respondents, behind the lack of affordable health care; low wages and debt making it harder to save; and heroin and opioid drug abuse. Concerns about job layoffs and employment ranked fifth.
"Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own," said NAR President William E. Brown. "Building equity, wanting a stable and safe environemnt and having the freedom to choose their neighborhood remain the top reasons to own a home."
Today, conventional conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.